HDFC board approves investment in Yes Bank

Will invest Rs 1,000 crore at the rate of ten rupees per share

New Delhi : HDFC board on March 13 approved an investment of Rs 1,000 crore in Yes Bank via equity. HDFC will acquire 100 crore equity shares of Yes Bank at Rs 10 per share including a premium of Rs 8 per share.

After the latest investment, the stake in Yes Bank will likely be in excess of 5 percent of newly issued and paid-up capital, HDFC said in a release to the stock exchange.

Earlier, ICICI Bank and Axis Bank also announced investments of Rs 1,000 crore and Rs 600 crore, respectively in the crisis-ridden Yes Bank.

Announcing the Cabinet approval to the scheme, Finance Minister Nirmala Sitharaman said the decision keeps at its core the aim to safeguard depositors’ interest and ensure a stable financial banking system.

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